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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Northacre | LSE:NTA | London | Ordinary Share | GB0006877939 | ORD 2.5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 95.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
The Board regularly reviews the capital structure, with an objective to minimise net debt whilst investing in the development opportunities.
The Group's activities expose it to a variety of financial risks and those activities involve the analysis, evaluation, acceptance and management of some degree of risk or combination of risks. Taking risks is core to the property business and the operational risks are an inevitable consequence of being in business. The Group's aim is to achieve an appropriate balance between risk and return and minimise potential adverse effects on the Group's performance.
The Group's risk management policies are designed to identify and analyse these risks, to set appropriate risk limits and controls, and to monitor the risks by means of a reliable up-to-date information system. The Group regularly reviews its risk management policies and systems to reflect changes in markets, products and emerging best practice.
Risk management is carried out by the Board of Directors. Directors are responsible for the identification of the major business risks faced by the Group and for determining the appropriate course of action to manage those risks. The most important types of risk are credit risk, liquidity and market risk. Market risk includes currency, interest rate and other price risks.
2. Segmental Information
Segmental information is presented in respect of the Group's business segments. The business segments are based on the Group's corporate and internal reporting structure. Segment results and assets include items directly attributable to a segment as well as those that can be allocated to a segment on a reasonable basis. The segmental analysis of the Group's business as reported internally to management is as follows:
Revenue 6 Months 6 Months Year ended ended ended 31.8.2014 31.8.2013 28.2.2014 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Development management 2,368 150 901 Interior design 213 723 1,992 Architectural design - - 63 ---------- ---------- ---------- 2,581 873 2,956 ========== ========== ========== Profit/(loss) before taxation 6 Months 6 Months Year ended ended ended 31.8.2014 31.8.2013 28.2.2014 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Development management 832 13,212 12,365 Interior design (308) (171) (105) Architectural design (4) (8) 43 ---------- ---------- ---------- 520 13,033 12,303 ========== ========== ========== Assets 31.8.2014 31.8.2013 28.2.2014 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Development management 41,722 29,487 45,139 Interior design 92 560 454 Architectural design 29 83 138 ---------- ---------- ---------- 41,843 30,130 45,731 ========== ========== ========== Liabilities 31.8.2014 31.8.2013 28.2.2014 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Development management 15,663 1,035 5,260 Interior design 497 722 551 Architectural design 700 804 805 ---------- ---------- ---------- 16,860 2,561 6,616 ========== ========== ========== 3. Profit per share 6 Months 6 Months Year ended ended ended 31.8.2014 31.8.2013 28.2.2014 Unaudited Unaudited Audited Weighted average number of shares in issue 42,335,538 26,723,643 30,879,049 Profit for the period attributable to equity holders of the Company (GBP'000) 867 13,145 12,200 =========== =========== =========== Basic profit per share (pence) 2.05 49.18 39.51 =========== =========== =========== Diluted profit per share (pence) 2.05 49.18 39.51 =========== =========== ===========
There were no potentially dilutive instruments in issue during the current or preceding periods. All amounts shown relate to continuing and total operations.
4. Dividends Interim dividends of 35.43p per share were declared on 14(th) August 2014 and paid on 5(th) September 2014 (2013: 40p per share). The number of shares in issue was 42,335,538 (2013: 26,723,643) and the total payment amounted to GBP14.99m (2013: GBP10.69m). 5. Available for sale financial assets Unaudited GBP'000 At 1(st) March 2013 22,149 Dividend received (15,000) ------------------ At 31(st) August 2013 7,149 Derecognition (7,149) Increase in 1 Palace Street and 33 Thurloe Square fair value 8,825 ------------------ At 28(th) February 2014 8,825 Changes in the period - ------------------ At 31(st) August 2014 8,825 ==================
The decrease in available for sale financial assets of GBP7.149m represents derecognition of the available for sale financial assets following the acquisition of Lancaster Gate (Hyde Park) Limited on 16(th) December 2013.
The Company is committed to invest GBP10m into the 1 Palace Street development. At 31(st) August 2014 the Company had paid GBP8.825m of this commitment.
The GBP15 investment in 33 Thurloe Square represents a 15% equity stake. The property held by the investment was sold in June 2014. At 28(th) February 2014 the Company had paid costs of GBP1.5m in relation to this project which have been treated as a shareholder loan and included within trade and other receivables in the Consolidated and Company Statements of Financial Position. The shareholder loan was repaid in July 2014 following the disposal of the project.
6. Investments 31.8.2014 31.8.2013 28.2.2014 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 33 Thurloe Square - 1,404 - 1 Palace Street - 750 - - 2,154 - ========== ========== ==========
The amount of GBP2.154m disclosed as investments as at 31(st) August 2013 related to the initial investments in 33 Thurloe Square and 1 Palace Street projects. These investments were reclassified at 28(th) February 2014 as available for sale financial assets of GBP0.654m and a shareholder loan of GBP1.5m.
7. Trade and Other Payables 31.8.2014 31.8.2013 28.2.2014 Unaudited Unaudited Audited GBP'000 GBP'000 GBP'000 Trade payables 215 255 297 Social security and other taxes 58 44 535 Other payables 5 8 5 Accruals and deferred income 1,583 2,254 5,779 Dividends payable 14,999 - - 16,860 2,561 6,616 ========== ========== ========== 8. Capital commitments
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